PQ Magazine reports that three
UK-based accountancy bodies are seeking clarification from ICAP as to exactly what is going on.

The
ACCA is looking for a formal meeting the ICAEW "is seeking clarification from ICAP as to what the
implications are for ICAEW students", whilst CIMA said "we are fully aware of the situation and remain in regular discussions with ICAP."

It is unclear what ICAP's response, if any, has been.

It is possible that ICAP have realised that their decision may have been taken in haste, and that they now don't know how to respond.

Monday, July 16, 2012

"A fellow member of the institute wrote to me today, voicing his fears
over the dilution of the ICAEW brand wrt less demanding entry
requirements for members of the profession who qualified in India and
Pakistan.

"I recently discovered that ICAP(Pakistan) members
just need to pass ICAEW 4 papers to become ICAEW members. Moreover ICAP
members do not need to undergo any training with ICAEW ATO.

In
past (until last wk) ICAP members needed to pass ICAEW 4 papers plus
undergo 2 yrs training with ICAEW ATO to become ICAEW member, but now
ICAP members do not need to undergo any training.

I do not know
why ICAEW is giving its membership of other institutes members in this
way. If ICAEW does not want other institute's members to undergo any
training in ICAEW ATO (which is main strength of ICAEW), then I have to
say merger with ACCA is a better option....

ICAEW has given more relaxation to ICAI(India) members."

Whilst the ICAEW may be relatively relaxed about brand dilution, it appears that ICAP are not.

"Thousands
of ACCA students are planning a protest march on the headquarters of
the Institute of Chartered Accountants of Pakistan (ICAP), in Islamabad,
tomorrow.

The march is in direct response to a letter sent by the
ICAP to audit firms allegedly reminding them that hiring students with
‘foreign’ accountancy qualifications breaks Section 22 of the Chartered
Accountants ordinance 1961.

PQ magazine has seen the letter behind
the storm of protest - ‘Engaging a person as trainee of other bodies’.
It specifically says: “refrain from engaging trainees of other
accounting bodies, particularly trainees of foreign institutes of
Chartered Accountants, or any other accounting body of similar nature.”

Social
media sites erupted over the weekend with some students suggesting the
letter must be a ‘fake’. Others wondered if ACCA, ICAEW and CIMA
students would be deemed as ‘working illegally’ in Pakistan. "

You will need to meet one of the criteria to be able to study for the ACA from ICAEW.

Members of the Institute of Chartered Accountants of Pakistan (ICAP)
living in Pakistan who have obtained ICAP membership by complying with
its training and examinations requirements can study for the ACA and
apply to join ICAEW.

Members of the Institute of Chartered Accountants of Pakistan (ICAP)
living in other countries who have obtained ICAP membership by
complying with its training and examinations requirements can study for
the ACA and apply to join ICAEW.

Students, affiliates or members of another internationally
recognised professional accountancy body (such as ACCA) living in
Pakistan may be able to study for the ACA in Pakistan.

Friday, July 06, 2012

"Michael Izza (CEO of the ICAEW) has published a blog post today entitled "Chartered accountants and tax evasion". Oddly though his first sentence deals with tax avoidance, not evasion, specifically the Times campaign against tax avoidance."